Article 50 Has Been Triggered – What Next for the UK Property Market?

The big moment has already arrived – Article 50 of the Lisbon Treaty has been invoked. Brexit has been finally set into motion and the process will be complete in 2 years. So here’s the question – what does this mean for those who are interested in selling property in the UK fast in 2017?

Now, there were many predictions of doom and gloom for the housing market in the UK when the Leave campaign won back in June 23, 2016. The Treasury predicted a crash in property prices of 18 percent or more. That didn’t happen, and things have pretty much been the same as before.

But one might argue that there weren’t any major disruptions to the property market in the UK because nothing had materially changed so far. Now that the Article 50 has been triggered, things will start changing, especially with respect to the relationship between Britain and other countries of the European Union.

So, there is a chance that the economy could weaken as investment might stall in the near future. But what does this mean for the overseas property market in the UK?

Remember, the UK is one of the most popular overseas property destinations. There is a significant interest in properties in the UK from wealthy, cash rich investors from emerging nations such as Russia and China, as well as from wealthy Arabs from the Middle East.

So far, Brexit hasn’t led to any major drop in the demand for UK properties from such wealthy foreign buyers. If anything, there are a lot of investors who have taken advantage of the fall in the pound’s value following Brexit to invest big in homes and apartments in the UK, especially in the prime neighbourhoods of London such as Chelsea, Kensington and Notting Hill.

However, there are some real estate experts, such as the internet entrepreneur Alex Chesterman, the founder of popular property website Zoopla, who are worried.

Mr. Chesterman said in an interview with the Express.co.uk, "The Brexit vote has had an impact and that is not surprising given the resulting uncertainty. We saw property sales volumes fall quite significantly in the second half of last year, compared to the period before the vote.”

He added, "Buying a home is one of the biggest and longest term decisions that people make so they tend to hold off making such important decisions in times of heightened uncertainty. 2017 is unlikely to see any material improvement in sentiment until we have clarity around what Brexit actually means.”

So, are we headed for gloomy times in the UK? Would you find it hard to sell your property in the UK quickly in 2017? It’s hard to say at this juncture, but as long as you hire experienced overseas property specialists for selling your home or apartment in the UK, you shouldn’t have any trouble finding cash rich foreign buyers for the same, regardless of the state of the economy.

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